Apple CEO gets modest 2012 pay after big 2011

December 27, 2012 by Peter Svensson in Technology / Business
Apple Chief Executive Tim Cook speaks during a special event at the California Theatre in San Jose on October 23, 2012. Cook's total compensation for 2012 will plummet to $4.2 million from $378 million last year, according to a company document released Thursday.

Apple CEO Tim Cook got a relatively modest $4.2 million in pay for the latest fiscal year, after the company's board set him up with stock now worth $510 million for taking the reins in 2011.

Cook's pay for fiscal 2012, which ended in September, consisted of $1.4 million in salary, a bonus of $2.8 million, and $17,000 in company contributions to his 401(k) account and life insurance premiums, according to a filing.

Apple Inc.'s board saw no need to grant Cook additional shares in 2012 after the sign-on grant of 1 million shares in 2011. Half of those shares vest in 2016 and the other half in 2021.

Cook did vest into shares worth $140 million in 2012. Those shares were granted earlier, when he was .

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

"Apple CEO gets modest 2012 pay after big 2011" December 27, 2012